Hi Greentomato
If you have discontinued paying off the credit card debt, the creditor may list the debt in your credit report or they may even charge off the debt. However, you can always negotiate once they list the debt as delinquent. For this all you need to do is to check your credit report to find out the name of the creditor or the collection agency to whom you currently owe the debt. Now send a debt validation letter to the creditor or the CA by certified mail and wait for their response. Once they validate the debt, you can always negotiate with them for repayment of the debt.
I agree with Carol. Creditors are always willing to negotiate if they get back the debt. Most creditors agree to settle for 60 to 80% of the outstanding debt depending upon you negotiation. But whatever may be the amount, you should have it in writing before you pay it off. Moreover, you can also ask the creditor for a settlement plan on the settled amount if you are not in a position to pay off the debt in full at a time. You should also try to make the creditor agree to pay for deletion before you start paying off the debt.
Hi Greentomato
When a credit account goes delinquent, creditors generally expect that they would not be able to recover the debt and may sell it to a collection agency who collects the debt at somewhat 50% of the outstanding debt amount. Now when you call up the creditor and express their willingness to repay the debt, they always agree to it and settle for 60% to 80% of the total outstanding debt amount because by doing this, they stand to gain.
Hi Greentomato
If you have discontinued paying off the credit card debt, the creditor may list the debt in your credit report or they may even charge off the debt. However, you can always negotiate once they list the debt as delinquent. For this all you need to do is to check your credit report to find out the name of the creditor or the collection agency to whom you currently owe the debt. Now send a debt validation letter to the creditor or the CA by certified mail and wait for their response. Once they validate the debt, you can always negotiate with them for repayment of the debt.
I agree with Carol. Creditors are always willing to negotiate if they get back the debt. Most creditors agree to settle for 60 to 80% of the outstanding debt depending upon you negotiation. But whatever may be the amount, you should have it in writing before you pay it off. Moreover, you can also ask the creditor for a settlement plan on the settled amount if you are not in a position to pay off the debt in full at a time. You should also try to make the creditor agree to pay for deletion before you start paying off the debt.
Hi Greentomato
When a credit account goes delinquent, creditors generally expect that they would not be able to recover the debt and may sell it to a collection agency who collects the debt at somewhat 50% of the outstanding debt amount. Now when you call up the creditor and express their willingness to repay the debt, they always agree to it and settle for 60% to 80% of the total outstanding debt amount because by doing this, they stand to gain.